Following the European Parliament’s approval of the European Market Infrastructure Regulation on 29 March 2012, the Council of the EU adopted the EMIR on 4 July 2012. The final text of the EMIR is here.
The EMIR, more formally the “Regulation on OTC derivatives, central counterparties and trade repositories”, will apply from the end of 2012. The European Securities and Markets Authority now has to prepare the technical standards required to support the EMIR. Steven Maijoor (the Chair of ESMA) stated in this speech on 4 July 2012 that it plans to submit those technical standards to the European Commission on 30 September 2012. ESMA’s 25 June 2012 consultation on those technical standards is here.
UPDATE 27 July 2012: The text of the EMIR has been published in the Official Journal and so will come into force in 20 days time. For key dates on its implementation thereafter, see this Herbert Smith note.
UPDATE 10 August 2012: ESMA has published the responses received to its June 2012 technical standards consultation.
See also: What is the EMIR?
Company and Financial Law 